Cyprus Bailout Tax

Good evening,

I am based in Cyprus, and have just been informed that I'm going to be paying 6.7% of my current bank balance to the EU to help balance their books. Is this even legal? I mean, I don't know if my deposits are insured or not (I haven't checked the small print on my account yet, didn't think I'd have to) but surely this is theft, plain and simple? This would be bad enough news at the best of times, but I've saved a rather large sum in my account (€6000+). I'm fucked if I'm going to let this go without a fight. Unfortunately I won't have access to my bank or the internet before Thursday (I'm working away from my unit at the minute), and my card limit is €300 per day, so I've got no way of withdrawing all the money before they do.

I'm thinking now that my only option is to claim the money back via JPA, but before I jump the gun and **** everything up I've got a few questions. First question; what type of expense should I claim it as? Second question; when (not if) I get audited, and my claim is undoubtedly deemed to be fraudulent, what next? Surely my FSA will know I'm claiming back my own money, so how can it be a fraudulent claim? Third question; if the claim won't work at all for whatever reason, what other courses of action have I got for getting this money back?

Sorry for the ramble but it's my money, I paid UK tax already so I'd hate to lose any more. Cheers in advance for any help.
This has nothing to do with the MoD so don't bother trying to claim it back off JPA. You'd be better off writing to the EU for all the good it will do you.

Well done mate, I don't know if you gave to Comic Relief, but your 6.7% has just gone towards the EUs bailout of the Cyprus banks.

Cheers ears,as Costas Solomou might say.


First up, if the Cyp government pass it into law today it will naturally be legal (in Cyprus), you will be paying it to the Cyp government as a tax, it has **** all to do with the EU and the EU cannot get involved in national taxation issues.
I would suggest looking at it from the angle of the status of forces agreement/tax exemption, the pay people will not be up to speed on this yet, but may have something to offer later.
Like most taxes, there is usually a way to get it back if its minor (400 Euros), but I think you may have to be patient and wait for the good advice to filter through with this one, its a bit left field. Good luck!
The EU can do what they want and no one or has got a leg to stand on - they are the supreme power of Europe, any democratically elected government that trys to oppose or stand up to the all mighty EU will be bullied and punished, we have to protect the hard up Bankers, So just pay up and stop whinging and enjoy your Keo - brandy sours and suntan.
First up, if the Cyp government pass it into law today it will naturally be legal (in Cyprus), you will be paying it to the Cyp government as a tax, it has **** all to do with the EU and the EU cannot get involved in national taxation issues.
Of course not, the EU are not in any way shape or form anything to do with this what so ever. Nothing to see here, move along citizen

Posted from the ARRSE Mobile app (iOS or Android)
Fancy trusting your money to a bunch of bubbles.
Now this precedent had been set, people everywhere will start to wonder if they will be next in line for "attention" by the EU.

I predict that huge amounts of money will be moved abroad outside the EU's reach just in case. Causing a knock-on effect through Europe. Can't see this helping to end the recession any sooner, more likely to make things worse.


Is Cyprus posting similar to Germany, where in my day around 2000, you had to have your main pay going into a countries national bank, Germany it was Sparkasse. IIRC does this still go on?
From the Telegraph article:

'The German Intelligence Service estimates Russians have $26bn in Cypriot banks and Russian oligarchs and “mafiosi” stand to gain most from a bail-out.

The Office of the Attorney General in Cyprus said: “The authorities are trying to clarify whether there is any need for an investigation.”'

Yup - that would be the Cyprus that I remember and enjoyed - Never, Neverland - it was great but it isn't, and never will be a player in the EUland.

It is just a leech.

This from a friend who has been living in Cyprus for some years now and runs his own firm out there.

The banks here are now shut until at least Tuesday...that's a full 10 days....some shops and garages refusing cheques and bank's getting dire and our illustrious finance minister is in Moscow cap in hand trying to sell off the offshore gas fields before they have bloody drilled them.....thank you Europe you twats

Similar threads

New Posts